The 'We're saving for a deposit' thread

Ju&Mel

Just sold our house, but decided to rent whilst saving a larger deposit for our 'forever' home
Renting a really lovely 4 bed which will cost less in rent than a similar house's interest on a 4% mortgage rate so happy with that.
Currently 20k in savings, will be 25k on completion of our sale, and 10.5k in shares
Hoping to save 50k/20% deposit

[Deleted User]

Ju&Mel wrote: »

Just sold our house, but decided to rent whilst saving a larger deposit for our 'forever' home
Renting a really lovely 4 bed which will cost less in rent than a similar house's interest on a 4% mortgage rate so happy with that.
Currently 20k in savings, will be 25k on completion of our sale, and 10.5k in shares
Hoping to save 50k/20% deposit

Looks like you won't need to do much saving to reach your £50K goal - you seem to have done brilliantly already!

Good luck in finding your "forever home". have you started looking already, or are you waiting for a bit?

lou_mango

Hi all

Just a little update from me as it's pay day Hooray! I've put £800 in to my
Savings. Feeling really pleased with myself as my grand total is now £14132.41 a nice total to start the New Years savings with :-)

Can't wait to reach the £15k mark. First home in 2012 here I come!!!

tara747

quintwins wrote: »

lol there was a builder in my garden i was trying to finish what i started typing before i had to go let him in so rushed threw it. like so many of my posts theres always something that needs done :rotfl:

:rotfl::rotfl::rotfl:

MandM90

Sorry to jump in with a question first; I was just wondering how much you've all set aside for fees? The figures I keep finding vary quite a bit. It would be nice to have a solid maximum (yet reasonable) amount we can save towards so I feel we'll be covered when the time comes!

quintwins

tara747 wrote: »

:rotfl::rotfl::rotfl:

i was gonna fix it it but then i thought people might think you were cracking up so best leave it

MandM90 wrote: »

Sorry to jump in with a question first; I was just wondering how much you've all set aside for fees? The figures I keep finding vary quite a bit. It would be nice to have a solid maximum (yet reasonable) amount we can save towards so I feel we'll be covered when the time comes!

this is a how long is a peice of string question, there mortgage fee's which vary or can be free or included in your mortgage, then it depends on the type of survey you want, then theres solicitor fee's which also vary greatly, but were setting aside £5000 people keep telling us thats too much but if it is we'll use whats left to overpay our mortgage, better to over estimate than under

s_glover

It really is so difficult to tell as it depends on so many things, including the typeof property you are buying.

The things you need to consider paying for are:

Solicitors fees ~£1000K
Mortgage Fees up to £1000K
Mortgage Advisor fees (if using) ~£500
Valuation / Survey up to ~ £800 for a full structural survey


We are FTBSs and although we accounted for all these fees initially we will actually be paying much less. We decided against using amortgage advisor after speaking with a couple and finding a good deal elsewhere and having good credit histories. Our mortgage is fee free and includes the valuation so we have paid ~£250 for a homebuyers report which was sufficienct as the property is 15 years old and had no apparent obvious problems.

All my figures are approximate and hopefully this gives you an idea of the potential costs invoved.

Of course you also need to consider removal fees if these are relevant to you, for us it will be simply hiring a van for the day.

MandM90 wrote: »

Sorry to jump in with a question first; I was just wondering how much you've all set aside for fees? The figures I keep finding vary quite a bit. It would be nice to have a solid maximum (yet reasonable) amount we can save towards so I feel we'll be covered when the time comes!

MandM90

s_glover wrote: »

It really is so difficult to tell as it depends on so many things, including the typeof property you are buying.

The things you need to consider paying for are:

Solicitors fees ~£1000K
Mortgage Fees up to £1000K
Mortgage Advisor fees (if using) ~£500
Valuation / Survey up to ~ £800 for a full structural survey


We are FTBSs and although we accounted for all these fees initially we will actually be paying much less. We decided against using amortgage advisor after speaking with a couple and finding a good deal elsewhere and having good credit histories. Our mortgage is fee free and includes the valuation so we have paid ~£250 for a homebuyers report which was sufficienct as the property is 15 years old and had no apparent obvious problems.

All my figures are approximate and hopefully this gives you an idea of the potential costs invoved.

Of course you also need to consider removal fees if these are relevant to you, for us it will be simply hiring a van for the day.

Ok, getting a fair idea now. I noticed someone on this thread saving 12k for fees and that gave me a start (though, thinking about it...this could be partly for stamp duty and we are first time buyers).

Luckily I have 8 uncles in the building trade so no shortage of vans/help :rotfl:

Maybe we will aim for 4k on top of the deposit, and any left over is a bonus

We both have excellent credit ratings (though I know those companies can be somewhat unreliable) but have no debt/have never been in debt. I've read that it might be useful to get a credit card and pay it off, so I'm going to look into that.

s_glover

£4K sounds reasonable to me.

I hadn't even mentioned stamp duty bearing in mind at the moment a property would need to be over £250K for you to be eligible but after 24th March 2012 the threshold drops to £125K for FTBs so you would need to take this into account as well.

Rahven

Last ditch attempt to save: put my £22.26 cashback payment into the ISA making it: £3377.26:)